Market announcement
Olympic Entertainment Group AS
Category
Management interim statement or quarterly financial report
Date
09.05.2008 15:57:36
Title
OEG konsolideeritud auditeerimata majandustulemused,I kvartal 2008
Message
OEG konsolideeritud auditeerimata majandustulemused,I kvartal 2008 2008. aasta I kvartali tulemuste lühikokkuvõte: Äritulud: 695,0 miljonit krooni (aastane muutus +50,7%) Ärikasum: 75,3 miljonit krooni (aastane muutus -13,9%) Ärirentaablus*: 10,8% (3 kuud 2007 19,0%) Kasum enne makse: 64,2 miljonit krooni (aastane muutus -33,7%) Puhaskasum **: 61,9 miljonit krooni (aastane muutus -25,1%) Puhasrentaablus***: 8,7% (3 kuud 2007 17,9%) * Ärirentaablus = Ärikasum / Äritulud ** Puhaskasum enne vähemusosalust *** Puhasrentaablus = Puhaskasum / Äritulud 1 EUR = 15,6466 EEK Kontserni 2008. aasta 1. kvartali konsolideeritud müügitulud moodustasid 692,3 miljonit krooni (44,2 miljonit eurot) ning äritulud moodustasid kokku 695,0 miljonit krooni (44,4 miljonit eurot), mis on 50,7% enam kui 2007. aasta 1. kvartalis teenitud 461,0 miljoni kroonine (29,5 miljonit eurot) kogutulu. Kontserni konsolideeritud äritulud koosnesid 2008. aasta 1. kvartalis 94% hasartmängutulust ja 6% muudest tuludest. 2007. aasta 1. kvartalis moodustas hasartmängutulu 93% ja muud tulud 7% kogutuludest. -------------------------------------------------------------------------------- | Kontsernivälised äritulud segmenditi | | | | -------------------------------------------------------------------------------- | | 1. kv | Kasv | Osakaal | 1. kv | Osakaal | | | 2008 | | | 2007 | | -------------------------------------------------------------------------------- | Eesti | 206 882 | 17,3% | 29,8% | 176 306 | 38,2% | -------------------------------------------------------------------------------- | Läti | 162 612 | 4,3% | 23,4% | 155 847 | 33,8% | -------------------------------------------------------------------------------- | Leedu | 112 364 | 17,6% | 16,2% | 95 516 | 20,7% | -------------------------------------------------------------------------------- | Ukraina | 72 441 | 127,1% | 10,4% | 31 893 | 6,9% | -------------------------------------------------------------------------------- | Valgevene | 6 227 | 314,9% | 0,9% | 1 501 | 0,3% | -------------------------------------------------------------------------------- | Poola | 122 010 | - | 17,6% | - | 0,0% | -------------------------------------------------------------------------------- | Rumeenia | 12 486 | - | 1,8% | - | 0,0% | -------------------------------------------------------------------------------- | Kokku | 695 022 | 50,7% | 100,0% | 461 063 | 100,0% | -------------------------------------------------------------------------------- 2008. aasta 1. kvartali ärituludele avaldasid positiivset mõju tulude lisandumine eelmise aasta jooksul soetatud ettevõtetest ning tulude kasv olemasolevates operatsioonides, samuti laienemise tulemusel avatud kasiinode lisandumine. 2008. aasta 1. kvartali lõpus oli Kontsernis kokku 125 kasiinot, üldpinnaga 35 630 m². 2007. aasta 1.kvartali lõpus oli Kontserni kasiinode arv 82 ja kasiinode üldpind kokku 23 169 m². Opereeritavate kasiinode arv suurenes 2008. aasta 1.kvartalis võrreldes möödunud perioodiga 43 kasiino võrra. Käesoleva aasta 1. kvartali jooksul avati Leedus, Ukrainas ja Rumeenias kokku 3 uut kasiinot ning renoveeriti kokku 6 kasiinot - 3 endist Kristiine Kasiinot Eestis ja 3 endist Baltic Gaming kasiinot Lätis. -------------------------------------------------------------------------------- | Kasiinode arv segmenditi | | | | -------------------------------------------------------------------------------- | | 31.03.2008 | 31.12.2007 | 31.03.2007 | -------------------------------------------------------------------------------- | Eesti | 35 | 35 | 24 | -------------------------------------------------------------------------------- | Läti | 38 | 38 | 38 | -------------------------------------------------------------------------------- | Leedu | 16 | 15 | 10 | -------------------------------------------------------------------------------- | Ukraina | 20 | 19 | 9 | -------------------------------------------------------------------------------- | Valgevene | 4 | 4 | 1 | -------------------------------------------------------------------------------- | Poola | 8 | 8 | - | -------------------------------------------------------------------------------- | Rumeenia | 4 | 3 | - | -------------------------------------------------------------------------------- | Slovakkia | - | - | - | -------------------------------------------------------------------------------- | Kokku | 125 | 122 | 82 | -------------------------------------------------------------------------------- Kontserni ärikasumiks kujunes 75,3 miljonit krooni (4,8 miljonit eurot), mis on võrreldes 2007. aastaga sama perioodiga 13,9% vähem. Konsolideeritud puhaskasum kahanes 25,1% võrreldes möödunud aasta 82,7 miljoni krooniga (5,3 miljonit eurot), ulatudes 61,9 miljoni kroonini (4,0 miljonit eurot). Kontserni juhtkond hindab 1. kvartali tulemusi valdavalt ootuspärasteks. Kvartali tulemustele avaldab oodatult mõju kerge sesoonsus: üldise trendina teenitakse ligikaudu 45% käibest ja 40% kasumist 1. poolaasta jooksul. Oodatust paremad olid Poola ja Leedu tütarettevõtete tulemused ning mõnevõrra tagasihoidlikumaks kujunesid Läti tütarettevõtete tulemused. 2008. aasta 1. kvartali ärikasumile avaldavad mõju uute kasiinode avamistega ning renoveerimistega seotud mittekapitaliseeritavad kulutused 19,9 miljonit krooni (1,3 miljonit eurot), üldisest majanduskliima jahtumisest tulenev tulude kasvu kiiruse pidurdumine ja surve tegevuskuludele ning uute kasiinode käivitumisperioodide pikenemine. Kontserni juhtkond jätkab 2007. aasta lõpus planeeritud tegevusi Kontserni ettevõtete struktuuride ühtlustamiseks käesoleva aasta jooksul ning tegevuskulude optimeerimiseks. Järgmistes kvartalites suunatakse põhirõhk 2007. aastal omandatud ettevõtete jätkuvale integreerimisele teiste OEG operatsioonidega eesmärgiga suurendada nende tegevuse efektiivsust ning laienemisstrateegia elluviimisele. Sõltuvalt üldisest majanduskliima arengust ootame marginaalide kasvu mitte enne käesoleva aasta viimast kvartalit. Kontserni 2008. aasta 1. kvartali konsolideeritud ärikulud kasvasid võrreldes 2007. aasta 1. kvartaliga 65,9% ning moodustasid 619,7 miljonit krooni (39,6 miljonit eurot). Suurima osa Kontserni ärikuludest moodustavad tööjõukulud koos sotsiaalmaksudega 210,5 miljonit krooni (13,5 miljonit eurot), järgnevad hasartmängumaksude kulud 111,7 miljonit krooni (7,1 miljonit eurot), amortisatsioonikulu 80,6 miljonit krooni (5,2 miljonit eurot), rendikulu 61,0 miljonit krooni (3,9 miljonit eurot) ja turunduskulud koos jackpottide kuludega 48,7 miljonit krooni (3,1 miljonit eurot). Absoluutnumbrina kasvasid võrreldes eelmise aastaga kõige enam personalikulud, kokku 91,2 miljonit krooni (5,8 miljonit eurot) ehk 76,5%, hasartmängumaksude kulud 66,8 miljonit krooni (4,3 miljonit eurot) ehk 148,9% ja hoonete rendikulud 111,4% ehk 32,1 miljonit krooni (2,1 miljonit eurot). 2008. aasta 1. kvartali puhaskasumit mõjutavad negatiivselt 14,2 miljonit krooni (0,9 miljonit eurot) realiseerimata kursivahed, mis tulenevad USA dollari olulisest nõrgenemisest euro suhtes. Kursivahed kajastuvad kasumiaruande real „Kahjum valuutakursi muutustest“. Eesti segment Kontserni kiire laienemise tulemusena on Eesti segmendi osakaal konsolideeritud ärituludes võrreldes eelmise aasta sama ajaga langenud 38,2%-lt 29,8%-ni. 2008. Aasta 1. kvartalis moodustasid Eesti segmendi kontsernivälised äritulud kokku 206,9 miljonit krooni (13,2 miljonit eurot), millest hasartmängutulud moodustasid 194,2 miljonit krooni (12,4 miljonit eurot). Eesti segmendi kontsernivälised äritulud kasvasid võrreldes möödunud aasta sama ajaga 17,3%. Eesti Hasartmängukorraldajate Liidu andmetel kasvas Olympic Casino Eesti AS turuosa 1. kvartalis seniselt 45%-lt 47%-ni. 2008. aasta 1. kvartali lõpus tegutses Eestis kokku 35 Olympic kasiinot, milles oli kokku 1 360 mänguautomaati ja 24 mängulauda. Kvartali jooksul renoveeriti 3 endist Kristiine Kasiinot. Eesti segmendi ärikasum kasvas 1. kvartalis 25,9% ja ulatus 44,7 miljoni kroonini (2,9 miljonit eurot). Kasumi suurenemine saavutati läbi tulude kasvu ja tõhusa kulujuhtimise. Läti segment Läti turusegment moodustab Kontserni ärituludest 23,4%. 2008. aasta 1. kvartalis moodustasid Läti segmendi kontsernivälised äritulud kokku 162,6 miljonit krooni (10,4 miljonit eurot), millest hasartmängutulud moodustasid 148,9 miljonit krooni (9,5 miljonit eurot) ning muud tulud 13,7 miljonit krooni (0,9 miljonit eurot). Läti segmendi kontsernivälised äritulud kasvasid võrreldes eelmise aasta sama ajaga 4,3%. Samas suurusjärgus kasvas Läti hasartmänguturg. Läti segmendi ärikasumiks kujunes 2,2 miljonit krooni (0,1 miljonit eurot), mis jääb eelmise aasta sama perioodi tulemusele alla 93,1%. Kasumi vähenemist põhjustavad suurenenud tegevuskulud ning tulude kasvu pidurdumine. Läti tütarettevõtetes on alustatud organisatsiooni ja töötajaskonna restruktueerimisega, mille kuluefekt ilmneb käesoleva aasta teises pooles. Kvartali lõpus opereeris Läti segment kokku 38 kasiinot 1 267 mänguautomaadiga ja 40 mängulauaga. Leedu segment Leedu turusegment jätkab selle aastal stabiilset kasvu, 1. kvartalis suurenesid tulud 17,6%. Leedu segmendi osakaal konsolideeritud ärituludes on 16,2%. 2008. aasta 1. kvartalis moodustasid Leedu segmendi kontsernivälised äritulud kokku 112,4 miljonit krooni (7,2 miljonit eurot), millest hasartmängutulud olid 107,2 miljonit krooni (6,9 miljonit eurot) ning muud tulud 5,2 miljonit krooni (0,3 miljonit eurot). Leedu segmendi ärikasumiks kujunes 22,8 miljonit krooni (1,5 miljonit eurot), mis on 11,4% rohkem eelmise aasta sama perioodi tulemusest. Kvartali lõpu seisuga tegutses Olympic Casino kaubamärgi all Leedus 10 kasiinot (arvestades ka ajutiselt renoveerimiseks suletud Kaunase kasiinot) ning Bumerangase kaubamärgi all 6 kasiinot, kokku 578 mänguautomaadiga ja 64 mängulauaga. Ukraina segment Ukraina segment on Kontsernis olnud jätkuvalt kõige kiiremini kasvav. Ukraina segmendi kontsernivälised äritulud kasvasid võrreldes eelmise aastaga 2,3 korda. Ukraina segmendi osakaal konsolideeritud ärituludes tõusis 1. kvartalis 10,4%-ni. Aruandeperioodi kontsernivälised äritulud kokku olid 72,4 miljonit krooni (4,6 miljonit eurot), millest hasartmängutulud moodustasid 66,7 miljonit krooni (4,3 miljonit eurot) ning muud tulud 5,7 miljonit krooni (0,4 miljonit eurot). Ukraina segmendi ärikasum oli esimeses kvartalis 2,8 miljonit krooni (0,2 miljonit eurot), mis on eelmise aasta sama perioodiga võrreldes 2,0 miljonit krooni (0,1 miljonit eurot) vähem. Ärikasumile avaldasid mõju laienemisest tulenevad kulud ning renoveerimiseks suletud endiste Eldorado kasiinodega seotud kulud kogusummas 7,7 miljonit krooni (0,5 miljonit eurot). Ukraina segmendi ettevõtted opereerisid kvartali lõpu seisuga kokku 20 kasiinot 870 mänguautomaadiga ja 18 mängulauaga. Valgevene segment Olympic Casino Bel IP tegutseb märtsi lõpu seisuga Minskis 4 kasiinoga, milles on 199 mänguautomaati. Valgevene segment moodustab alla 1% Kontserni konsolideeritud ärituludest. 2008. aasta 1. kvartalis on võrreldes eelmise aasta sama perioodiga tulud kasvanud 3 korda moodustades 6,2 miljonit krooni (0,4 miljonit eurot). 1. kvartali ärikahjumiks kujunes 4,5 miljonit krooni (0,3 miljonit eurot). Poola segment Poola segmendi 2008. aasta 1. kvartali äritulud olid 122,0 miljonit krooni (7,8 miljonit eurot), moodustades 17,6% konsolideeritud ärituludest. Kontsern opereeris Poolas kvartali lõpus 302 mänguautomaadiga ja 45 mängulauaga kokku kaheksas kasiinos. Poola segemendi ärikasumiks kujunes 15,9 miljonit krooni (1,0 miljonit eurot). Rumeenia segment Rumeenia segment lõpetas 2008. aasta 1. kvartali ärituluga 12,5 miljonit krooni (0,8 miljonit eurot). Uute saalide avamise ettevalmistustööd tõid kaasa kulud, mille tulemusena kujunes ärikahjumiks 7,1 miljonit krooni (0,5 miljonit eurot). Kontsern opereeris Rumeenias kvartali lõpus 139 mänguautomaadiga ja 13 mängulauaga kokku neljas kasiinos. Bilanss 31.03.2008 seisuga oli Kontserni konsolideeritud bilansimaht 2 712,5 miljonit krooni (173,4 miljonit eurot). 31.12.2007 seisuga oli Kontserni konsolideeritud bilansimaht 2 703,9 miljonit krooni (172,8 miljonit eurot).Kvartali bilansimahu kasv moodustas 0,3%. Käibevarad moodustasid varadest 547,8 miljonit krooni (35,0 miljonit eurot) ehk 20,2% kogu varadest ja põhivarad 2 164,7 miljonit krooni (138,3 miljonit eurot) ehk 79,8% bilansimahust. Immateriaalsed varad moodustasid põhivaradest 679,1 miljonit krooni (43,4 miljonit eurot) ehk 31,1%. Kontserni kohustused moodustasid bilansipäeval kokku 315,7 miljonit krooni (20,2 miljonit eurot) ning konsolideeritud omakapital 2 396,7 miljonit krooni (153,2 miljonit eurot). Kontserni kohustustest suurema osa moodustavad võlad hankijatele 96,4 miljonit krooni (6,2 miljonit eurot), maksukohustused 74,3 miljonit krooni (4,7 miljonit eurot), võlad töövõtjatele 69,5 miljonit krooni (4,4 miljonit eurot). Investeeringud Kontsern investeeris materiaalsesse põhivarasse 2008. aasta 1. kvartalis 208,6 miljonit krooni (13,3 miljonit eurot), millest 133,3 miljonit krooni (8,5 miljonit eurot) investeeriti mänguseadmetesse, 67,1 miljonit krooni (4,3 miljonit eurot) investeeriti kasiinode rekonstrueerimisse, muud materiaalset põhivara soetati 8,2 miljonit krooni (0,5 miljonit eurot). Investeeringud immateriaalsesse põhivarasse moodustasid 3,1 miljonit krooni (0,2 miljonit eurot). Rahavood Kontserni rahavood äritegevuse rahavood 2008. aasta 1. kvartalis olid 58,1 miljonit krooni (3,7 miljonit eurot).Investeerimistegevuse rahavood moodustasid -144,5 miljonilt kroonilt (9,2 miljonit euorot). Netorahavood kokku moodustasid -86,5 miljonit krooni (-5,5 miljonit eurot). Personal 31.03.2008 seisuga andis Kontsern tööd 3 900 inimesele (31.03.07: 2 406). Eesti ettevõtetes töötas märtsi lõpus 779, Lätis 939, Leedus 807, Ukrainas 667, Valgevenes 82, Poolas 457, Rumeenias 166 ja Slovakkias 3 inimest. 2008. aasta 1 kvartalis arvestati Kontsernis töötajatele töötasusid koos sotsiaalmaksudega kokku 210,5 miljonit krooni (13,5 miljonit eurot), möödunud aastal samal ajal 119,2 miljonit krooni (7,6 miljonit eurot). Kontserni põhilised arvnäitajad: -------------------------------------------------------------------------------- | | 1. kv 2008 | 1. kv 2007 | Muutus | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Äritulud (miljon krooni) | 695,0 | 461,1 | 50,7% | -------------------------------------------------------------------------------- | EBITDA (miljon krooni) | 156,0 | 134,5 | 16,0% | -------------------------------------------------------------------------------- | Ärikasum (miljon krooni) | 75,3 | 87,4 | -13,8% | -------------------------------------------------------------------------------- | Puhaskasum (miljon krooni) | 61,9 | 82,7 | -25,2% | -------------------------------------------------------------------------------- | EBITDA marginaal | 22,4% | 29,2% | -23,0% | -------------------------------------------------------------------------------- | Ärirentablus | 10,8% | 19,0% | -42,8% | -------------------------------------------------------------------------------- | Puhasrentaablus | 8,9% | 17,9% | -50,3% | -------------------------------------------------------------------------------- | Omakapitali suhtarv | 88,3% | 90,1% | -2,0% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kasiinode arv kvartali lõpus | 125 | 82 | 52,4% | -------------------------------------------------------------------------------- | Kasiinode pind m2 kvartali lõpus | 35 630 | 23 169 | 53,8% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Mänguautomaatide arv kvartali | 4 715 | 3 023 | 56,0% | | lõpus | | | | -------------------------------------------------------------------------------- | Mängulaudade arv kvartali lõpus | 204 | 119 | 71,4% | -------------------------------------------------------------------------------- Suhtarvude valemid o EBITDA = kasum enne finants-, maksu- ning põhivara kulumi- ja väärtuse languse kulusid o Ärikasum = kasum enne finants- ja maksukulusid o Puhaskasum = aruandeperioodi puhaskasum enne vähemusosalust o EBITDA marginaal = EBITDA / Aritulud o Ärirentaablus = Ärikasum / Äritulud o Puhasrentaablus = Puhaskasum / Aritulud o Omakapitali suhtarv = Omakapital / Varad kokku 1 EUR = 15,6466 EEK BILANSS -------------------------------------------------------------------------------- | VARAD | | | | -------------------------------------------------------------------------------- | (tuhandetes EEK) | | 31.03.2008 | 31.12.2007 | -------------------------------------------------------------------------------- | Käibevara | | | | -------------------------------------------------------------------------------- | Raha ja pangakontod | | 415 724 | 501 800 | -------------------------------------------------------------------------------- | Lühiajalised | | 6 714 | 10 929 | | finantsinvesteeringud | | | | -------------------------------------------------------------------------------- | Nõuded ostjate vastu | | 4 729 | 14 309 | -------------------------------------------------------------------------------- | Muud nõuded ja ettemaksed | | 93 607 | 68 461 | -------------------------------------------------------------------------------- | Ettemakstud tulumaks | | 1 670 | 2 567 | -------------------------------------------------------------------------------- | Varud | | 25 321 | 20 441 | -------------------------------------------------------------------------------- | Käibevara kokku | | 547 766 | 618 507 | -------------------------------------------------------------------------------- | Põhivara | | | | -------------------------------------------------------------------------------- | Edasilükkunud tulumaksuvara | | 3 511 | 3 575 | -------------------------------------------------------------------------------- | Sidusettevõtete aktsiad | | 0 | 0 | -------------------------------------------------------------------------------- | Muud finantsinvesteeringud | | 7 211 | 7 248 | -------------------------------------------------------------------------------- | Muud pikaajalised nõuded | | 14 928 | 11 955 | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | | 57 909 | 52 924 | -------------------------------------------------------------------------------- | Materiaalne põhivara | | 1 401 984 | 1 319 338 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | | 679 146 | 690 379 | -------------------------------------------------------------------------------- | Põhivara kokku | | 2 164 689 | 2 085 419 | -------------------------------------------------------------------------------- | VARAD KOKKU | | 2 712 456 | 2 703 926 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL | | | | -------------------------------------------------------------------------------- | (tuhandetes EEK) | | 31.03.2008 | 31.12.2007 | -------------------------------------------------------------------------------- | KOHUSTUSED | | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | | -------------------------------------------------------------------------------- | Võlakohustused | | 3 523 | 4 682 | -------------------------------------------------------------------------------- | Ostjate ettemaksed | | 3 832 | 12 600 | -------------------------------------------------------------------------------- | Võlad hankijatele | | 96 417 | 125 749 | -------------------------------------------------------------------------------- | Muud võlad | | 9 968 | 9 293 | -------------------------------------------------------------------------------- | Tulumaksukohustus | | 11 872 | 13 617 | -------------------------------------------------------------------------------- | Muud maksukohustused | | 62 429 | 70 870 | -------------------------------------------------------------------------------- | Viitvõlad | | 72 357 | 73 662 | -------------------------------------------------------------------------------- | Lühiajalised eraldised | | 15 634 | 15 297 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | | 276 033 | 325 770 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | | -------------------------------------------------------------------------------- | Edasilükkunud tulumaksukohustus | | 14 909 | 18 280 | -------------------------------------------------------------------------------- | Pikaajalised võlakohustused | | 24 821 | 24 787 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | | 39 730 | 43 067 | -------------------------------------------------------------------------------- | Kohustused kokku | | 315 764 | 368 837 | -------------------------------------------------------------------------------- | OMAKAPITAL | | | | -------------------------------------------------------------------------------- | Aktsiakapital | | 1 510 000 | 1 510 000 | -------------------------------------------------------------------------------- | Ülekurss | | 227 273 | 227 273 | -------------------------------------------------------------------------------- | Kohustuslik reservkapital | | 19 444 | 19 444 | -------------------------------------------------------------------------------- | Realiseerimata kursivahed | | -1 672 | -1 344 | -------------------------------------------------------------------------------- | Jaotamata kasum | | 574 179 | 518 394 | -------------------------------------------------------------------------------- | Emaettevõtte omanikele kuuluv | | 2 329 225 | 2 273 768 | | omakapital kokku | | | | -------------------------------------------------------------------------------- | Vähemusosalus | | 67 467 | 61 321 | -------------------------------------------------------------------------------- | Omakapital kokku | | 2 396 692 | 2 335 089 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | | 2 712 456 | 2 703 926 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | VARAD | | | | -------------------------------------------------------------------------------- | (tuhandetes EUR) | | 31.03.2008 | 31.12.2007 | -------------------------------------------------------------------------------- | Käibevara | | | | -------------------------------------------------------------------------------- | Raha ja pangakontod | | 26 570 | 32 071 | -------------------------------------------------------------------------------- | Lühiajalised | | 429 | 698 | | finantsinvesteeringud | | | | -------------------------------------------------------------------------------- | Nõuded ostjate vastu | | 302 | 915 | -------------------------------------------------------------------------------- | Muud nõuded ja ettemaksed | | 5 983 | 4 375 | -------------------------------------------------------------------------------- | Ettemakstud tulumaks | | 107 | 164 | -------------------------------------------------------------------------------- | Varud | | 1 618 | 1 306 | -------------------------------------------------------------------------------- | Käibevara kokku | | 35 009 | 39 530 | -------------------------------------------------------------------------------- | Põhivara | | | | -------------------------------------------------------------------------------- | Edasilükkunud tulumaksunõue | | 224 | 229 | -------------------------------------------------------------------------------- | Sidusettevõtete aktsiad | | 0 | 0 | -------------------------------------------------------------------------------- | Muud aktsiad ja väärtpaberid | | 461 | 463 | -------------------------------------------------------------------------------- | Muud pikaajalised nõuded | | 954 | 764 | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | | 3 701 | 3 382 | -------------------------------------------------------------------------------- | Materiaalne põhivara | | 89 603 | 84 321 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | | 43 405 | 44 123 | -------------------------------------------------------------------------------- | Põhivara kokku | | 138 349 | 133 283 | -------------------------------------------------------------------------------- | VARAD KOKKU | | 173 358 | 172 812 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL | | | | -------------------------------------------------------------------------------- | (tuhandetes EUR) | | 31.03.2008 | 31.12.2007 | -------------------------------------------------------------------------------- | KOHUSTUSED | | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | | -------------------------------------------------------------------------------- | Võlakohustused | | 225 | 299 | -------------------------------------------------------------------------------- | Ostjate ettemaksed | | 245 | 805 | -------------------------------------------------------------------------------- | Võlad hankijatele | | 6 162 | 8 037 | -------------------------------------------------------------------------------- | Muud võlad | | 637 | 594 | -------------------------------------------------------------------------------- | Tulumaksukohustus | | 759 | 870 | -------------------------------------------------------------------------------- | Maksukohustused | | 3 990 | 4 529 | -------------------------------------------------------------------------------- | Viitvõlad | | 4 624 | 4 708 | -------------------------------------------------------------------------------- | Lühiajalised eraldised | | 999 | 978 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | | 17 642 | 20 821 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | | -------------------------------------------------------------------------------- | Edasilükkunud tulumaksukohustus | | 953 | 1 168 | -------------------------------------------------------------------------------- | Pikaajalised võlakohustused | | 1 586 | 1 584 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | | 2 539 | 2 753 | -------------------------------------------------------------------------------- | Kohustused kokku | | 20 181 | 23 573 | -------------------------------------------------------------------------------- | OMAKAPITAL | | | | -------------------------------------------------------------------------------- | Aktsiakapital | | 96 507 | 96 507 | -------------------------------------------------------------------------------- | Ülekurss | | 14 525 | 14 525 | -------------------------------------------------------------------------------- | Kohustuslik reservkapital | | 1 243 | 1 243 | -------------------------------------------------------------------------------- | Realiseerimata kursivahed | | -107 | -86 | -------------------------------------------------------------------------------- | Jaotamata kasum | | 36 697 | 33 131 | -------------------------------------------------------------------------------- | Emaettevõtte omanikele kuuluv | | 148 865 | 145 320 | | omakapital kokku | | | | -------------------------------------------------------------------------------- | Vähemusosalus | | 4 312 | 3 919 | -------------------------------------------------------------------------------- | Omakapital kokku | | 153 177 | 149 239 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | | 173 358 | 172 812 | -------------------------------------------------------------------------------- KASUMIARUANNE -------------------------------------------------------------------------------- | (tuhandetes EEK) | 3 k 2008 | 3 k 2007 | -------------------------------------------------------------------------------- | Äritulud | | | -------------------------------------------------------------------------------- | Müügitulud | 692 253 | 459 738 | -------------------------------------------------------------------------------- | Muud äritulud | 2 770 | 1 325 | -------------------------------------------------------------------------------- | Äritulud kokku | 695 022 | 461 063 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Ärikulud | | | -------------------------------------------------------------------------------- | Kaubad, toore, materjal ja teenused | -17 184 | -11 144 | -------------------------------------------------------------------------------- | Mitmesugused tegevuskulud | -304 108 | -195 603 | -------------------------------------------------------------------------------- | Tööjõu kulud | -210 452 | -119 222 | -------------------------------------------------------------------------------- | Põhivara kulum | -80 685 | -47 172 | -------------------------------------------------------------------------------- | Muud ärikulud | -7 290 | -513 | -------------------------------------------------------------------------------- | Ärikulud kokku | -619 718 | -373 654 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Ärikasum | 75 304 | 87 409 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Finantstulud ja -kulud | | | -------------------------------------------------------------------------------- | Intressitulud | 3 450 | 12 932 | -------------------------------------------------------------------------------- | Intressikulud | -312 | -4 | -------------------------------------------------------------------------------- | Kasum (kahjum) valuutakursi | -14 210 | -3 392 | | muutustest | | | -------------------------------------------------------------------------------- | Finantstulud ja -kulud kokku | -11 072 | 9 536 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Kasum majandustegevusest | 64 232 | 96 945 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Tulumaksukulu | -2 298 | -14 265 | -------------------------------------------------------------------------------- | PERIOODI PUHASKASUM | 61 934 | 82 679 | -------------------------------------------------------------------------------- | Vähemusosalus | 6 150 | 3 346 | -------------------------------------------------------------------------------- | Emaettevõtte omanike osa | 55 785 | 79 333 | | puhaskasumist | | | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Tava kasum aktsia kohta (EEK) | 0,37 | 0,53 | -------------------------------------------------------------------------------- | Lahustatud kasum aktsia kohta (EEK) | 0,37 | 0,53 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | (tuhandetes EUR) | 3 k 2008 | 3 k 2007 | -------------------------------------------------------------------------------- | Äritulud | | | -------------------------------------------------------------------------------- | Müügitulud | 44 243 | 29 383 | -------------------------------------------------------------------------------- | Muud äritulud | 177 | 85 | -------------------------------------------------------------------------------- | Äritulud kokku | 44 420 | 29 467 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Ärikulud | | | -------------------------------------------------------------------------------- | Kaubad, toore, materjal ja teenused | -1 098 | -712 | -------------------------------------------------------------------------------- | Mitmesugused tegevuskulud | -19 436 | -12 501 | -------------------------------------------------------------------------------- | Tööjõu kulud | -13 450 | -7 620 | -------------------------------------------------------------------------------- | Põhivara kulum | -5 157 | -3 015 | -------------------------------------------------------------------------------- | Muud ärikulud | -466 | -33 | -------------------------------------------------------------------------------- | Ärikulud kokku | -39 607 | -23 881 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Ärikasum | 4 813 | 5 586 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Finantstulud ja -kulud | | | -------------------------------------------------------------------------------- | Intressitulud | 221 | 826 | -------------------------------------------------------------------------------- | Intressikulud | -20 | 0 | -------------------------------------------------------------------------------- | Kasum (kahjum) valuutakursi | -908 | -217 | | muutustest | | | -------------------------------------------------------------------------------- | Finantstulud ja -kulud kokku | -708 | 609 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Kasum majandustegevusest | 4 105 | 6 196 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Tulumaksukulu | -147 | -912 | -------------------------------------------------------------------------------- | PERIOODI PUHASKASUM | 3 958 | 5 284 | -------------------------------------------------------------------------------- | Vähemusosalus | 393 | 214 | -------------------------------------------------------------------------------- | Emaettevõtte omanike osa | 3 565 | 5 070 | | puhaskasumist | | | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Tava kasum aktsia kohta (EUR) | 0,02 | 0,03 | -------------------------------------------------------------------------------- | Lahustatud kasum aktsia kohta (EUR) | 0,02 | 0,03 | -------------------------------------------------------------------------------- Lisainfo: Andri Avila Juhatuse liige Olympic Entertainment Group Tel + 372 667 1250 E-post andri.avila@oc.eu http://www.olympic-casino.com
Title
OEG consolidated unaudited operating results for Q1, 2008
Message
OEG consolidated unaudited operating results for Q1, 2008 Selected financial data, 3 months 2008: Revenue: 695.0 million kroons (year-over-year growth 50.7%) Operating profit: 75.3 million kroons (year-over-year decrease 13.9%) Operating margin*: 10.8% (3 months 2007 19.0%) Profit before tax: 64.2 million kroons (year-over-year decrease 33.7%) Net profit **: 61.9 million kroons (year-over-year decrease 25.1%) Net margin***: 8.7% (3 months 2007 17.9%) * Operating margin = operating profit / revenue ** Net profit before minority interest ** Net margin = net profit / revenue 1 EUR = 15.6466 EEK The Group ended the quarter with sales revenue of 692.3 million kroons (44.2 million euros). Total consolidated revenue (sales revenue and other income) surged to 695.0 million kroons (44.4 million euros), 50.7% up on the first quarter of 2007 total consolidated revenue of 461.0 million kroons (29.5 million euros). In the first quarter of 2008 94% of concern consolidated revenue was formed by gaming operations and 6% of other income. In 2007 Q1 gaming revenues accounted for 93% and other revenues for 7% of consolidated revenue. -------------------------------------------------------------------------------- | External revenue by segments | | | | -------------------------------------------------------------------------------- | | 3 months | Growth | Proportion | 3 months | Proportion | | | 2008 | | | 2007 | | -------------------------------------------------------------------------------- | Estonia | 206,882 | 17.3% | 29.8% | 176,306 | 38.2% | -------------------------------------------------------------------------------- | Latvia | 162,612 | 4.3% | 23.4% | 155,847 | 33.8% | -------------------------------------------------------------------------------- | Lithuania | 112,364 | 17.6% | 16.2% | 95,516 | 20.7% | -------------------------------------------------------------------------------- | Ukraine | 72,441 | 127.1% | 10.4% | 31,893 | 6.9% | -------------------------------------------------------------------------------- | Belarus | 6,227 | 314.9% | 0.9% | 1,501 | 0.3% | -------------------------------------------------------------------------------- | Poland | 122,010 | - | 17.6% | - | 0.0% | -------------------------------------------------------------------------------- | Romania | 12,486 | - | 1.8% | - | 0.0% | -------------------------------------------------------------------------------- | Total | 695,022 | 50.7% | 100.0% | 461,063 | 100.0% | -------------------------------------------------------------------------------- Consolidated revenue of the first quarter of 2008 was positively influenced by the contribution of newly acquired companies as well as organic and expansion-triggered revenue growth. At the end of March 2008, the Group had 125 casinos with a total area of 35,630 square metres. At the end of March 2007, the number of casinos was 82 and their total area was 23,169 square metres. The number of casinos increased by 43 compared to the same period of last year. During the first quarter, a new casino was opened in each of the following countries - Lithuania, Ukraine and Romania, and six casinos were renovated - three former Kristiine Kasiinos in Estonia and 3 former Baltic Gaming casinos in Latvia. -------------------------------------------------------------------------------- | Number of casinos by | | | | | segments | | | | -------------------------------------------------------------------------------- | | 31 March | 31 December | 31 March | | | 2008 | 2008 | 2007 | -------------------------------------------------------------------------------- | Estonia | 35 | 35 | 24 | -------------------------------------------------------------------------------- | Latvia | 38 | 38 | 38 | -------------------------------------------------------------------------------- | Lithuania | 16 | 15 | 10 | -------------------------------------------------------------------------------- | Ukraine | 20 | 19 | 9 | -------------------------------------------------------------------------------- | Belarus | 4 | 4 | 1 | -------------------------------------------------------------------------------- | Poland | 8 | 8 | - | -------------------------------------------------------------------------------- | Romania | 4 | 3 | - | -------------------------------------------------------------------------------- | Slovakia | - | - | - | -------------------------------------------------------------------------------- | Total | 125 | 122 | 82 | -------------------------------------------------------------------------------- Consolidated operating profit amounted to 75.3 million kroons (4.8 million euros), 13.9% down compared with the first quarter of 2007. Consolidated net profit equalled 61.9 million kroons (4.0 million euros), a 25.1% decrease from the 82.7 million kroons (5.3 million euros) earned in the first quarter of 2007. The management of the Group considers that the results for the first quarter were mostly according to expectations. As expected, quarterly results will be affected by slight seasonality: in overall trend, about 45% of revenues and 40% of the profit will be made during the first half-year. The results of the Polish and Lithuanian subsidiaries were better than expected and the results Latvian subsidiaries were somewhat more modest. The operating profit for the first quarter 2008 was affected by non-capitalized costs in connection with casino opening and renovation in the amount of 19.9 million kroons (1.3 million euros), slowdown in income growth caused by the overall cooling of the economic climate, pressure on operating costs and extension of periods for launching new casinos. The Group's management will continue this year to implement activities planned at the end of 2007 that are aimed at streamlining organizational structures of Group companies and optimization of operating costs. In the coming quarters the main focus will be on continuing the integration of companies acquired in 2007 into other operations of OEG with the objective of increasing their operating efficiency and implementation of the expansion strategy. Depending on the development of the overall economic climate we expected margins to start growing not before the final quarter of this year. Consolidated expenses for 3 months 2008 totalled to 619.7 million kroons (39.6 million euros), up 65.9% compared to 3 months 2007. The largest expense item was personnel expenses including social charges which amounted to 210.5 million kroons (13.5 million euros), followed by gaming tax expenses of 111.7 million kroons (7.1 million euros), depreciation and amortisation expense of 80.6 million kroons (5.2 million euros), buildings rental expenses of 61.0 million kroons (3.9 million euros) and marketing and jackpot expenses of 48.7 million kroons (3.1 million euros). In comparison with last year the strongest cost growth in absolute figures came from personnel expenses - 91.2 million kroons (5.8 million euros) - a 76.5% up on year ago, gaming tax expenses - 66.8 million kroons (4.3 million euros) - a 148.9% growth, and premises rent expenses - 32.1 million kroons (2.1 million euros) - a 111.4% growth. Consolidated net profit for 3 months of 2008 was affected by unrealised exchange differences - a net exchange loss of 14.2 million kroons (0.9 million euros) arisen from significant fluctuations in the euro-US dollar exchange rate. Exchange differences have been recognised in the income statement in Foreign exchange loss. Estonian segment Due to the Group's rapid expansion, the Estonian segment's contribution to consolidated revenue has declined from 38.2% to 29.8% compared to the same period of a previous year. In the first quarter of 2008, the segment's external revenue amounted to 206.9 million kroons (13.2 million euros) including gaming revenue of 194.2 million kroons (12.4 million euros). In first quarter 2008, the segment's external revenue grew by 17.3% compared to the same period of last year. According to the Estonian Gaming Operator Association, in first quarter 2008 the market share of Olympic Casino Eesti AS has grown from 44% to 47%. At the end of March 2008, there were 35 Olympic Casinos in Estonia with a total of 1,360 slot machines and 24 game tables. During the quarter, three former Kristiine Kasiino facilities were renovated. In first quarter of 2008 the segment's operating profit has grown 25.9% and reached 44.7 million kroons (2.9 million euros).The growth of profit was achieved due to the growth of revenues and efficient cost management. Latvian segment The Latvian segment accounts for 23.4% of the Group's consolidated revenue. In the first quarter of 2008, the segment's external revenue amounted to 162.6 million kroons (10.4 million euros) including gaming revenue of 148.9 million kroons (9.5 million euros) and other revenues of 13.7 million kroons (0.9 million euros). In the first quarter of 2008, the segment's external revenue grew by 4.3% compared to the same period last year. The Latvian gaming market grew with the same magnitude. The Latvian segment's operating profit amounted to 2.2 million kroons (0.1 million euros), 93.1% down from the first quarter of 2007. Profit decrease has been caused by increase of operating expenses and slowdown of the revenue growth. In Latvian subsidiaries the process of streamlining organizational structures has been started, the effect on operational costs will appear in the second half of the year. At the end of March 2008, the Latvian segment was operating 38 casinos with a total of 1,267 slot machines and 40 game tables. Lithuanian segment The Lithuanian segment continues steady growth. During the first 3 months of 2008 revenue grew up 17.6%. The Lithuanian segment accounts for 16.2% of the Group's consolidated revenue. In the first quarter of 2008, the segment's external revenue amounted to 112.4 million kroons (7.2 million euros) including gaming revenue of 107.2 million kroons (6.9 million euros) and other revenues of 5.2 million kroons (0.3 million euros). In the first quater the segments`s operating profit has grown 11.4% compared to the first quater of 2007 and has reached 22.8 million kroons (1.5 million euros). At the end of March 2008, the Lithuanian segment was operating 10n casinos under the Olympic Casino brand (including Kaunas casino temporarily closed for renovation) and 6 under the Bumerangas brand. The casinos have a total of 578 slot machines and 64 game tables. Ukrainian segment Ukraine is continually the Group's fastest growing segment. The segment`s external revenue increased 2.3 times compared to the revenues of first 3 months of 2007. The segment`s revenues grew up to 10.4% of the Group's consolidated revenue. In the first quarter of 2008, the segment's external revenue amounted to 72.4 million kroons (4.6 million euros) including gaming revenue of 66.7 million kroons (4.3 million euros) and other revenues of 5.7 million kroons (0.4 million euros). The Ukrainian segment's operating profit for the first 3 months of 2008 amounted to 2.8 million kroons (0.2 million euros), which is 2.0 million kroons (0.1 million euros) less than in the first quarter of 2007. The segment's operating profit was influenced by expansion costs and expenses related to the renovation of Eldorado casinos in total amount of 7.7 million kroons (0.5 million euros). At the end of March 2008, the Ukrainian segment was operating 20 casinos with a total of 870 slot machines and 18 game tables. Belarusian segment At the end of March, Olympic Casino Bel IP was operating 4 casinos with a total of 199 slot machines in Minsk. The Belarusian segment accounts for less than 1% of the Group's consolidated revenue. During the first quarter of 2008, revenue has grown three times compared to the first quarter of 2007 and amounted to 6.2 million kroons (0.4 million euros). The operating loss of Belarusian segment was 4.5 million kroons (0.3 million euros). Polish segment In the first quarter of 2008, the segment's external revenue amounted to 122.0 million kroons (7.8 million euros), accounting for 17.6% of the Group's consolidated revenue. At the end of March, Group was operating 8 casinos in Poland with 302 slots and 45 gaming tables. The segments`s operating profit amounted to 15.9 million kroons (1.0 million euros). Romanian segment The Romanian segment finished the first quarter of 2008 with a revenue of 12.5 million kroons (0.8 million euros). Due to the expenses related with the opening of new casinos, the period ended with an operating loss of 7.1 million kroons (0.5 million euros). At the end of March 2008, Group was operating 4 casinos in Romania with a total of 139 slot machines and 13 gaming tables. Balance sheet At 31 March 2008, the consolidated balance sheet of Group totalled 2,712.5 million kroons (173.4 million euros). At 31 December 2007, the consolidated balance sheet of Group amounted to 2,703.9 million kroons (172.8 million euros). During the quarter the volume of balance sheet increased 0.3%. Current assets accounted for 547.8 million kroons (35.0 million euros) or 20.2% of total assets and non-current assets for 2,164.7 million kroons (138.3 million euros) or 79.8% of total assets. Intangible assets accounted for 679.2 million kroons (43.4 million euros) or 31.1% of non-current assets. At 31 March, Group´s consolidated liabilities amounted to 315.7 million kroons (20.2 million euros) and consolidated equity amounted to 2,396.7 million kroons (153.2 million euros). The largest part of liabilities were trade payables in amount of 96.4 million kroons (6.2 million euros), tax commitments of 74.3 million kroons (4.7 million euros), payables to employees of 69.5 million kroons (4.4 million euros). Investment In the first quarter of 2008, the Group's expenditures on property, plant and equipment totalled 208.6 million kroons (13.3 million euros) including investment in gaming equipment of 133.3 million kroons (8.5 million euros), renovation of casinos in amount of 67.1 million kroons (4.3 million euros), and acquisition of other items of property, plant and equipment in amount of 8.2 million kroons (0.5 million euros). Expenditures on intangible assets amounted to 3.1 million kroons (0.2 million euros). Cash flows Group's operating cash flows during the first 3 months of 2008 were 58.1 million kroons (3.7 million euros), cash outflows from investing activities were 144.5 million kroons (9.2 million euros). Net cash outflows amounted to 86.5 million kroons (5.5 million euros). People At 31 March 2008, the Group employed 3,900 people (31 March 2007: 2,406): 779 in Estonia, 939 in Latvia, 807 in Lithuania, 667 in Ukraine, 82 in Belarus, 457 in Poland, 166 in Romania and 3 in Slovakia. Employee remuneration expenses including relevant social charges amounted to 210.5 million kroons (13.5 million euros), in first quarter of 2007 the relevant figure was 119.2 million kroons (7.6 million euros). The Group's key financials -------------------------------------------------------------------------------- | | 3 months 2008 | 3 months | Change | | | | 2007 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Revenue (kroons, millions) | 695.0 | 461.1 | 50.7% | -------------------------------------------------------------------------------- | EBITDA(kroons, millions) | 156.0 | 134.5 | 16.0% | -------------------------------------------------------------------------------- | Operating profit (kroons, | 75.3 | 87.4 | -13.8% | | millions) | | | | -------------------------------------------------------------------------------- | Net profit (kroons, millions) | 61.9 | 82.7 | -25.2% | -------------------------------------------------------------------------------- | EBITDA margin | 22.4% | 29.2% | -23.0% | -------------------------------------------------------------------------------- | Operating margin | 10.8% | 19.0% | -42.8% | -------------------------------------------------------------------------------- | Net margin | 8.9% | 17.9% | -50.3% | -------------------------------------------------------------------------------- | Equity ratio | 88.3% | 90.1% | -2.0% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Number of casinos at end of | 125 | 82 | 52.4% | | period | | | | -------------------------------------------------------------------------------- | Total area of casinos at end of | 35,630 | 23,169 | 53.8% | | period (in square metres) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Number of slots at end of period | 4,715 | 3,023 | 56.0% | -------------------------------------------------------------------------------- | Number of game tables at end of | 204 | 119 | 71.4% | | period | | | | -------------------------------------------------------------------------------- Underlying formulas o EBITDA = earnings before financial expenses, taxes, depreciation, amortisation and impairment losses o Operating profit = profit before financial expenses and taxes o Net profit = net profit for the period before minority interest o EBITDA margin = EBITDA / revenue o Operating margin = operating profit / revenue o Net margin = net profit / revenue o Equity ratio = equity / total assets EUR 1 = EEK 15.6466 CONSOLIDATED BALANCE SHEET -------------------------------------------------------------------------------- | ASSETS | | | -------------------------------------------------------------------------------- | (In thousands of Estonian | 31 Mar 2008 | 31 Dec 2007 | | kroons) | | | -------------------------------------------------------------------------------- | Current assets | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 415,724 | 501,800 | -------------------------------------------------------------------------------- | Short-term financial investments | 6,714 | 10,929 | -------------------------------------------------------------------------------- | Trade receivables | 4,729 | 14,309 | -------------------------------------------------------------------------------- | Other receivables and | 93,607 | 68,461 | | prepayments | | | -------------------------------------------------------------------------------- | Prepaid income tax | 1,670 | 2,567 | -------------------------------------------------------------------------------- | Inventories | 25,321 | 20,441 | -------------------------------------------------------------------------------- | Total current assets | 547,766 | 618,507 | -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Deferred tax assets | 3,511 | 3,575 | -------------------------------------------------------------------------------- | Other financial investments | 7,211 | 7,248 | -------------------------------------------------------------------------------- | Other long-term receivables | 14,928 | 11,955 | -------------------------------------------------------------------------------- | Investment property | 57,909 | 52,924 | -------------------------------------------------------------------------------- | Property, plant and equipment | 1,401,984 | 1,319,338 | -------------------------------------------------------------------------------- | Intangible assets | 679,146 | 690,379 | -------------------------------------------------------------------------------- | Total non-current assets | 2,164,689 | 2,085,419 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 2,712,456 | 2,703,926 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | LIABILITIES AND EQUITY | | | -------------------------------------------------------------------------------- | (In thousands of Estonian | 31 Mar 2008 | 31 Dec 2007 | | kroons) | | | -------------------------------------------------------------------------------- | LIABILITIES | | | -------------------------------------------------------------------------------- | Current liabilities | | | -------------------------------------------------------------------------------- | Interest-bearing loans and | 3,523 | 4,682 | | borrowings | | | -------------------------------------------------------------------------------- | Customer advances | 3,832 | 12,600 | -------------------------------------------------------------------------------- | Trade payables | 96,417 | 125,749 | -------------------------------------------------------------------------------- | Other payables | | 9,293 | -------------------------------------------------------------------------------- | Income tax liability | 62,429 | 13,617 | -------------------------------------------------------------------------------- | Other tax liabilities | 11,872 | 70,870 | -------------------------------------------------------------------------------- | Other accrued payables | 72,357 | 73,662 | -------------------------------------------------------------------------------- | Provisions | 15,634 | 15,297 | -------------------------------------------------------------------------------- | Total current liabilities | 276,033 | 325,770 | -------------------------------------------------------------------------------- | Non-current liabilities | | | -------------------------------------------------------------------------------- | Deferred tax liability | 14,909 | 18,280 | -------------------------------------------------------------------------------- | Interest-bearing loans and | 24,821 | 24,787 | | borrowings | | | -------------------------------------------------------------------------------- | Total non-current liabilities | 39,730 | 43,067 | -------------------------------------------------------------------------------- | Total liabilities | 315,764 | 368,837 | -------------------------------------------------------------------------------- | EQUITY | | | -------------------------------------------------------------------------------- | Share capital | 1,510,000 | 1,510,000 | -------------------------------------------------------------------------------- | Share premium | 227,273 | 227,273 | -------------------------------------------------------------------------------- | Statutory capital reserve | 19,444 | 19,444 | -------------------------------------------------------------------------------- | Translation reserves | -1,672 | -1,344 | -------------------------------------------------------------------------------- | Retained earnings | 574,179 | 518,394 | -------------------------------------------------------------------------------- | Total equity attributable to | 2,329,225 | 2,273,768 | | equity holders of the parent | | | -------------------------------------------------------------------------------- | Minority interest | 67,467 | 61,321 | -------------------------------------------------------------------------------- | Total equity | 2,396,692 | 2,335,089 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY | 2,712,456 | 2,703,926 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | ASSETS | | | -------------------------------------------------------------------------------- | (In thousands of euro) | 31 Mar 2008 | 31 Dec 2007 | -------------------------------------------------------------------------------- | Current assets | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 26,570 | 32,071 | -------------------------------------------------------------------------------- | Short-term financial investments | 429 | 698 | -------------------------------------------------------------------------------- | Trade receivables | 302 | 915 | -------------------------------------------------------------------------------- | Other receivables and | 5,983 | 4,375 | | prepayments | | | -------------------------------------------------------------------------------- | Prepaid income tax | 107 | 164 | -------------------------------------------------------------------------------- | Inventories | 1,618 | 1,306 | -------------------------------------------------------------------------------- | Total current assets | 35,009 | 39,530 | -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Deferred tax assets | 224 | 229 | -------------------------------------------------------------------------------- | Shares in associates | 0 | 0 | -------------------------------------------------------------------------------- | Other financial investments | 461 | 463 | -------------------------------------------------------------------------------- | Other long-term receivables | 954 | 764 | -------------------------------------------------------------------------------- | Investment property | 3,701 | 3,382 | -------------------------------------------------------------------------------- | Property, plant and equipment | 89,603 | 84,321 | -------------------------------------------------------------------------------- | Intangible assets | 43,405 | 44,123 | -------------------------------------------------------------------------------- | Total non-current assets | 138,349 | 133,283 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 173,358 | 172,812 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | LIABILITIES AND EQUITY | | | -------------------------------------------------------------------------------- | (In thousands of euro) | 31 Mar 2008 | 31 Dec 2007 | -------------------------------------------------------------------------------- | LIABILITIES | | | -------------------------------------------------------------------------------- | Current liabilities | | | -------------------------------------------------------------------------------- | Interest-bearing loans and | 225 | 299 | | borrowings | | | -------------------------------------------------------------------------------- | Customer advances | 245 | 805 | -------------------------------------------------------------------------------- | Trade payables | 6,162 | 8,037 | -------------------------------------------------------------------------------- | Other payables | | 594 | -------------------------------------------------------------------------------- | Income tax liability | 3,990 | 4,529 | -------------------------------------------------------------------------------- | Other tax liabilities | 759 | 870 | -------------------------------------------------------------------------------- | Other accrued payables | 4,624 | 4,708 | -------------------------------------------------------------------------------- | Provisions | 999 | 978 | -------------------------------------------------------------------------------- | Total current liabilities | 17,642 | 20,821 | -------------------------------------------------------------------------------- | Non-current liabilities | | | -------------------------------------------------------------------------------- | Deferred tax liability | 953 | 1,168 | -------------------------------------------------------------------------------- | Interest-bearing loans and | 1,586 | 1,584 | | borrowings | | | -------------------------------------------------------------------------------- | Total non-current liabilities | 2,539 | 2,753 | -------------------------------------------------------------------------------- | Total liabilities | 20,181 | 23,573 | -------------------------------------------------------------------------------- | EQUITY | | | -------------------------------------------------------------------------------- | Share capital | 96,507 | 96,507 | -------------------------------------------------------------------------------- | Share premium | 14,525 | 14,525 | -------------------------------------------------------------------------------- | Statutory capital reserve | 1,243 | 1,243 | -------------------------------------------------------------------------------- | Translation reserves | -107 | -86 | -------------------------------------------------------------------------------- | Retained earnings | 36,697 | 33,131 | -------------------------------------------------------------------------------- | Total equity attributable to | 148,865 | 145,320 | | equity holders of the parent | | | -------------------------------------------------------------------------------- | Minority interest | 4,312 | 3,919 | -------------------------------------------------------------------------------- | Total equity | 153,177 | 149,239 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND EQUITY | 173,358 | 172,812 | -------------------------------------------------------------------------------- CONSOLIDATED INCOME STATEMENT -------------------------------------------------------------------------------- | (In thousands of Estonian kroons) | 3 month 2008 | 3 month 2007 | -------------------------------------------------------------------------------- | Revenue | | | -------------------------------------------------------------------------------- | Sales revenue | 692,253 | 459,738 | -------------------------------------------------------------------------------- | Other income | 2,770 | 1,325 | -------------------------------------------------------------------------------- | Total revenue | 695,022 | 461,063 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Expenses | | | -------------------------------------------------------------------------------- | Cost of materials, goods and services | -17,184 | -11,144 | | used | | | -------------------------------------------------------------------------------- | Other operating expenses | -304,108 | -195,603 | -------------------------------------------------------------------------------- | Labour costs | -210,452 | -119,222 | -------------------------------------------------------------------------------- | Depreciation and amortisation | -80,685 | -47,172 | -------------------------------------------------------------------------------- | Other expenses | -7,290 | -513 | -------------------------------------------------------------------------------- | Total expenses | -619,718 | -373,654 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Operating profit | 75,304 | 87,409 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Financial income and expenses | | | -------------------------------------------------------------------------------- | Interest income | 3,450 | 12,932 | -------------------------------------------------------------------------------- | Interest expense | -312 | -4 | -------------------------------------------------------------------------------- | Foreign exchange gains and losses | -14,210 | -3,392 | -------------------------------------------------------------------------------- | Net financing costs | -11,072 | 9,536 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Profit from ordinary operations | 64,232 | 96,945 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Income tax expense | -2,298 | -14,265 | -------------------------------------------------------------------------------- | NET PROFIT FOR THE PERIOD | 61,934 | 82,679 | -------------------------------------------------------------------------------- | Attributable to minority interest | 6,150 | 3,346 | -------------------------------------------------------------------------------- | Attributable to equity holders of the | 55,785 | 79,333 | | parent | | | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Basic earnings per share (EEK) | 0.37 | 0.53 | -------------------------------------------------------------------------------- | Diluted earnings per share (EEK) | 0.37 | 0.53 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | (In thousands of euro) | 3 month 2008 | 3 month 2007 | -------------------------------------------------------------------------------- | Revenue | | | -------------------------------------------------------------------------------- | Sales revenue | 44,243 | 29,383 | -------------------------------------------------------------------------------- | Other income | 177 | 85 | -------------------------------------------------------------------------------- | Total revenue | 44,420 | 29,467 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Expenses | | | -------------------------------------------------------------------------------- | Cost of materials, goods and services | -1,098 | -712 | | used | | | -------------------------------------------------------------------------------- | Other operating expenses | -19,436 | -12,501 | -------------------------------------------------------------------------------- | Labour costs | -13,450 | -7,620 | -------------------------------------------------------------------------------- | Depreciation and amortisation | -5,157 | -3,015 | -------------------------------------------------------------------------------- | Other expenses | -466 | -33 | -------------------------------------------------------------------------------- | Total expenses | -39,607 | -23,881 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Operating profit | 4,813 | 5,586 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Financial income and expenses | | | -------------------------------------------------------------------------------- | Interest income | 221 | 826 | -------------------------------------------------------------------------------- | Interest expense | -20 | 0 | -------------------------------------------------------------------------------- | Foreign exchange gains and losses | -908 | -217 | -------------------------------------------------------------------------------- | Net financing costs | -708 | 609 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Profit from ordinary operations | 4,105 | 6,196 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Income tax expense | -147 | -912 | -------------------------------------------------------------------------------- | NET PROFIT FOR THE PERIOD | 3,958 | 5,284 | -------------------------------------------------------------------------------- | Attributable to minority interest | 393 | 214 | -------------------------------------------------------------------------------- | Attributable to equity holders of the | 3,565 | 5,070 | | parent | | | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Basic earnings per share (€) | 0.02 | 0.03 | -------------------------------------------------------------------------------- | Diluted earnings per share (€) | 0.02 | 0.03 | -------------------------------------------------------------------------------- Further information: Andri Avila Member of the Management Board Olympic Entertainment Group, Tel +372 667 1250 E-post andri.avila@oc.eu http://www.olympic-casino.com